Metro Phoenix’s housing market started 2026 slow. Here’s what to know

Metro Phoenix’s median home price held steady in 2025, but slid in January with a drop in home sales.

Pricier home sales propped up the Valley’s median last year, but in January it fell from $450,000 in December 2025 to about $445,000, according to the Arizona Regional Multiple Listing Service.

January is typically a slow month for the housing market because few people shop for homes or try to sell houses during the holidays. But the Valley’s many events, including the golf tournament and spring training during the first few months of the year bring more buyers.

Metro Phoenix’s median was $450,000 in December 2024, so home prices were basically flat in 2025 despite some pundits predicting them to plummet.

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“The housing market is pretty much treading water,” Tina Tamboer, senior housing analyst with The Cromford Report, said.

Uncertainty about mortgage rates and the economy appears to be keeping more buyers on the sideline.

In January, 4,712 Valley houses changed hands, down from 6,249 in December.

Pending sales show metro Phoenix’s median home price will dip a bit in February to $444,000, said Paridhi Saboo, data analyst with the Information Market owned by the Arizona Regional Multiple Listing Service.

Reporting by Catherine Reagor, Arizona Republic